Last $26.91 USD
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wolverine world wide inc (WWW) Key Developments

Wolverine Worldwide Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 28, 2013; Provides Earnings Guidance for the Full Year and First Quarter of Fiscal 2014

Wolverine Worldwide reported unaudited consolidated earnings results for the fourth quarter and full year ended December 28, 2013. Consolidated fourth quarter revenue was a record $740.8 million, growth of 0.6% vs. prior year pro forma revenue of $736.4 million and growth of 13.6% versus prior year reported revenue of $652.2 million. Operating profit was $18.0 million against $7.6 million a year ago. Loss before income taxes was $7.3 million against $8.2 million a year ago. Net loss attributable to Wolverine World Wide Inc. was $1.7 million or $0.02 diluted per share against $3.7 million or $0.04 diluted per share a year ago. Consolidated full-year revenue increased to a record $2.69 billion, representing growth of 5.6% versus prior year pro forma revenue of $2.55 billion and growth of 64.0% versus prior year reported revenue of $1.64 billion. Operating profit was $192.3 million against $113.7 million a year ago. Income before income taxes was $127.7 million against $94.2 million a year ago. Net earnings attributable to Wolverine World Wide Inc. were $100.4 million or $0.99 diluted per share against $80.7 million or $0.81 diluted per share a year ago. Net cash provided by operating activities was $202.3 million against $91.6 million a year ago. Additions to property, plant and equipment was $41.7 million against $14.9 million a year ago. Net debt was $935.8 million for the fiscal year ended 2013 against $1,078.6 million for the fiscal year ended 2013. Full-year consolidated revenue in the range of $2.775 to $2.85 billion, representing growth in the range of 3% to 6% versus reported fiscal 2013 revenue of $2.69 billion. Slight full-year gross margin expansion. Full-year interest expense of approximately $47 million. Full-year effective tax rate of approximately 28%. Adjusted fully diluted earnings per share in the range of $1.57 to $1.63, representing growth of 10% to 14% versus the fiscal 2013 adjusted earnings per share of $1.43. Reported fully diluted earnings per share are expected in the range of $1.52 to $1.58. Capital expenditures are expected in a range of $45 million to $50 million primarily for investments in consumer direct and information technology and for expansions of the Louisville, Kentucky distribution facility and Richmond, Indiana customer service center. Effective tax rate of approximately 28%. For the first quarter of 2014, the company's adjusted earnings per share expected in a range of $0.28 to $0.30 per share driven by the challenging U.S. retail conditions, unfavorable FX, brand investments plan for the quarter in support of future growth and a higher tax rate and share count, all only partially offset by the benefit from lower pension expense. Revenue to be modestly down compared to the prior year.

Wolverine World Wide Inc. Plans to Open 50 Stores in 2014

Wolverine World Wide Inc. announced it plans to open 50 stores in 2014.

Wolverine Worldwide Declares Quarterly Dividend Payable on May 1, 2014

The Directors of Wolverine Worldwide declared a quarterly cash dividend of $0.06 per share of common stock. The dividend is payable on May 1, 2014 to stockholders of record on April 1, 2014.

Wolverine World Wide Inc., Q4 2013 Earnings Call, Feb 18, 2014

Wolverine World Wide Inc., Q4 2013 Earnings Call, Feb 18, 2014

Pamela L. Linton to Retire as Senior Vice President of Global Human Resources of Wolverine World Wide, Inc

On January 13, 2014, Pamela L. Linton announced that she will retire from her position as Senior Vice President of Global Human Resources for Wolverine World Wide Inc., effective January 17, 2014.

 

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